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In 2023, the cost of data breaches may increase  even further

A recent analysis from Acronis states that next year, the cost of data breaches may increase.

The company’s analysis states that the typical cost of a breach of information is likely to surpass $5 million by next year based on information gathered from more than 750,000 individual terminals scattered throughout the world.

Even worse, the researchers predict that there will be a considerable increase in the frequency of breaches. According to them, the risks posed by phishing and malware emails have increased by 60% year on year.

New solutions for new attack methods

Additionally, during the final four months of the year, social engineering attacks increased as well and currently make up about 3% of all attacks. Nearly half of all documented cybercrime incidents in H1 2022 were caused by compromised or hijacked credentials and other information.

Candid Wüest, VP of Cyber Protection Research at Acronis, said, “The previous few months have shown to be as difficult as ever, with new threats continually appearing and criminal actors continuing to apply the same proven script for massive payments.”

“When attempting to reduce spoofing and other malware attacks in the upcoming year, organisations must give top priority to comprehensive solutions.” Attackers are always changing their tactics, and now they are utilising widely-used security mechanisms against us, such as MFA, which is used by many firms to safeguard their personnel and assets.

Phishing assaults now account for more than three-quarters (76%) of all email attacks, up from 58% in the first half of the year. In the third quarter of the year, the ratio of phishing attacks to malware attacks climbed by 1.3 times.

Despite the fact that businesses in Germany and Brazil were also actively targeted, the majority of the victims were in the United States. The most often targeted endpoints by malware were those in China, Jordan, and South Korea.

The researchers found that the most commonly attacked verticals were those in the industrial, retail, estate development, professional services, and financial sectors after digging deeper into the various industries that threat actors used phishing and malicious emails to target.